This piece is part of my 2016–2026 archive migration. Some original formatting, content, and external links may be missing, changed, or not be optimized.
Tired of wasting money on taxes? Let’s turn it around for you.
The Government Rewards Two Types of People:
Investors
Entrepreneurs
These two types of people create jobs for the economy, hence why the government and tax law rewards these two types of people.
Most people will never take the time to understand or study tax law; it’s an intimidating subject. But the more you learn about it, the more your desire to harvest tax knowledge increases. The tax savings and legal loopholes are too lucrative to ignore as you enlighten yourself to them. But to enjoy many of these rewards, you need to have income from a non-traditional job.
W-2’s Will Keep Your Tax Savings Blue
Traditional W-2 jobs don’t allow for much flexibility for tax savings. There are only so many tax rewards you can receive from working for someone else. On the other hand, your employer probably receives enormous tax benefits because they own a business.
The Gig Economy Is Booming
Two-thirds (67%) of Americans who have a side hustle started it in the last three years, and nearly one-third (31%) started in 2020. As the data shows, one-third of Americans (34%) currently have a side hustle (
You might be a part of the 33% American population who has a side hustle. My question to you is: are you taking advantage of the tax savings available to your unique situation? If you’re using traditional tax software or a traditional/conservative CPA, you’re probably not. To take advantage of tax savings, you must educate yourself or work with creative CPAs to help you learn about the tax-saving opportunities available.
What’s Your Yearly Tax Bill?
You might think you’re lucky if you get a refund check, but that only means you allowed the government to borrow money from you for an entire year.
When you owe money after completing your tax return, this means you did not loan any money to the government by paying more taxes than necessary.
The average tax bill across the U.S. ranges from $5,000-to $8,000. Depending on your tax situation, income, and location will determine how high or low this number goes for you (Fox Business).
How You Can Start To Save On Taxes Today
1. Start a business.
Choosing the proper entity is something you will have to research, but there are many unique entity types available for you to choose from to maximize your tax benefits. Which one you decide depends on your goals, business type, and the tax benefits you seek.
C-Corp
S-Corp
Sole Proprietorship
LP (Limited Partnership)
LLC (Limited Liability Company)
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2. Document and retain all of your business-related expenses.
Once you start a business, track everything that comes in and goes out. Also, if you’re unsure if something can legally be written off, do some research. There is a high chance that there are many expenses you have not written off in the past because you felt it was unrelated.
Examples of potential tax write-offs:
House cleaning and your alarm system if you have a home office, dinners and trips where you discuss business, subscriptions you utilize for research and work-related purposes, tax software and prep fees, business start-up costs, and educational materials.
3. Educate yourself on taxes.
Read, attend seminars, watch videos, join groups, and tap into other resources available to you. My preferred method of learning is reading.
If you want to learn about taxes and enjoy the process, here are two books that will offer enlightenment, deep understanding, and game-changing actions you can take today to elevate your finances and how you handle your taxes:
What Your CPA Isn’t Telling You by Mark J. Kohler
Tax-Free Wealth: Permanently Lower Your Taxes
Happy Tax Savings.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.